The board of directors of Power Financial Group Limited announced that with effect from 29 April 2020, Sit Sai Hung, Billy has resigned as an executive Director due to a reallocation of management roles amongst the Group; Mr. Wong Kun To has resigned as an independent non-executive Director, the chairman of the remuneration committee of the Board and a member of each of the audit committee of the Board and the nomination committee of the Board due to his other career commitments which requires more of his dedication; and Mr. Chu Hau Lim ("Mr. Chu") has resigned as an independent non-executive Director, the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee due to his other career commitments which requires more of his dedication The Board would like to express its sincere gratitude to each of Mr. Sit, Mr. Wong and Mr. Chu for his invaluable contribution to the Group during his tenure of service. Following the resignation of Mr. Chu, Ms. Lim Xue Ling, Charlene, an independent non- executive Director, has been appointed as the chairman of the Audit Committee with effect from 29 April 2020. The Board announced that, following the resignation of each of Mr. Sit, Mr. Wong and Mr. Chu as described above, with effect from 29 April 2020, (1) Mr. Siu Kam Chauhas been appointed as an executive Director; and (2) Ms. Chan Kar Yin, Polly ("Ms. Chan") has been appointed as an independent non-executive Director and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee; and (3) Mr. Chiu Ka Wai, Ellis ("Mr. Chiu") has been appointed as an independent non-executive Director, the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee. Mr. Siu has been appointed as an executive Director with effect from 29 April 2020. He is also the company secretary of the Company and a director of a number of subsidiaries of the Company. He joined the Group in 2006 and has served the Company as an executive Director from 14 March 2006 to 28 August 2009 and from 10 October 2011 to 1 February 2016.